Friday June 5th 2026
Photo by Towfiqu Barbhuiya
Written by Glasgow View Reporter, Liam Eunson
Parents and grandparents across Scotland are facing more financial pressure on their finances as a result of supporting children through education, occasionally opting to delay retirement, a study has found.
Explaining that over two thirds of people in Scotland ‘expect education costs to affect their retirement plans’, the study by leading UK wealth manager Rathbones has highlighted the effect that this support ma have on previous retirement plans.
It also highlighted that just under two-thirds (65%) of families are currently or expect to be supported by grandparents’ contributions to education costs.
This financial support is provided through cash gifts directly to grandchildren, but cash gifts to parents, direct payments to educational institutions and money set aside in savings and investments are also popular choices.
Alongside this, over two-thirds (69%) in Scotland and the North of England expect their retirement plans to be affected with 27% reducing pension contributions, 21% preparing to retire on a lower income or standard of living, and 22% expecting to delay their retirement.
The impact on delaying retirement is not insignificant, with 43% saying they will need to push it back by at least three years
Stephanie Ebner, Financial Planning Lead based in Rathbones’ Glasgow office, says: “Across Scotland and the North of England, we are seeing more parents and grandparents stepping in to support education costs even if it means their own financial priorities become more complex.
“While many parents and grandparents want to help ease the financial burden on their families, it is important that this generosity does not come at the expense of their own long-term financial security.
“Decisions such as reducing pension contributions or delaying retirement can have a lasting impact, particularly given rising living costs and longer life expectancies. Taking a structured approach whether through tax-efficient gifting, planning investment withdrawals carefully, or building education support into a wider financial plan can help families strike the right balance between supporting the next generation and protecting their own future.”
These findings highlight the need for careful financial planning to ensure that generosity today does not compromise financial wellbeing tomorrow.
VAT on private school fees and the additional cost of living students face at university have exacerbated the pressure on family finances. Early and proactive financial planning can help parents and grandparents support education costs without jeopardising their own retirement goals.
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